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Income Protection Insurance

Income Protection Insurance

Old Feb 19th 2008, 1:46 am
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Default Income Protection Insurance

Can anyone recommend an insurance company that can offer an income protection policy. I'm talking about a policy that pays you an income should you be made redundant.

We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.

Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.

cheers
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Old Feb 19th 2008, 2:19 am
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Default Re: Income Protection Insurance

Originally Posted by showdan
Can anyone recommend an insurance company that can offer an income protection policy. I'm talking about a policy that pays you an income should you be made redundant.

We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.

Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.

cheers
showdan
Are you sure that a policy like this makes financial sense? (when you consider the terms and conditions).

Maybe better to do your own saving to cover any difficult times. Even after the 2 year mark, welfare is means tested mostly.
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Old Feb 19th 2008, 2:36 am
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Default Re: Income Protection Insurance

I'm with Aviva, not sure I'm covered for redundancy, but in the event that I succumb to some kind of mishap that means I can't work again, I'll continue to receive 75% of my pay, indexed with inflation.

It makes perfect financial sense to me, as I'm fairly young and need some guarantee of an income stream for the next 15-20yrs while we have a homeloan, and also to provide for my family.

But for some people, its not really worth it. It all depends on the circumstances.

"speak to your financial adviser" as all the PDSs say !
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Old Feb 19th 2008, 2:48 am
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Default Re: Income Protection Insurance

And don't forget income protection is tax deductible

Originally Posted by markallwood
It makes perfect financial sense to me, as I'm fairly young and need some guarantee of an income stream for the next 15-20yrs while we have a homeloan, and also to provide for my family.
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Old Feb 19th 2008, 2:56 am
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Default Re: Income Protection Insurance

Originally Posted by themerlin
And don't forget income protection is tax deductible
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Old Feb 19th 2008, 3:20 am
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Default Re: Income Protection Insurance

Originally Posted by markallwood
I'm with Aviva, not sure I'm covered for redundancy, but in the event that I succumb to some kind of mishap that means I can't work again, I'll continue to receive 75% of my pay, indexed with inflation.
Does that mean you can't work in your existing job, or can't work in any job?
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Old Feb 19th 2008, 4:27 am
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Default Re: Income Protection Insurance

Depends on the policy and the job you do.


Originally Posted by JAJ
Does that mean you can't work in your existing job, or can't work in any job?
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Old Feb 19th 2008, 5:38 am
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Default Re: Income Protection Insurance

Originally Posted by JAJ
Does that mean you can't work in your existing job, or can't work in any job?
not 100% certain but I believe that its "any job".
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Old Feb 19th 2008, 12:02 pm
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Default Re: Income Protection Insurance

OP, does your superannuation fund provide IP insurance as an option?
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